Weekend Money Tip: Now is the time to plan, buy and save (money and stress) for the holiday season

On Fridays, I share money-saving tips I have actually used (or am working on). The posts are typically short and sweet little guides, giving you ideas to work on saving money or, in this case, preparing in order to save more.

If you’re like me, most years the holiday season rolls around before you know it and you’re scrambling right up until the very last minute.

Let’s just be honest here and call it what it is – good ole procrastination. Unfortunately this procrastination can lead to overspending when we’re trying to complete our shopping and preparations in time.

Let’s change that this year, shall we? Together, let’s make a vow. This year, we shall be prepared! (You’ll be thanking me for this in November and December! 😉 )

In this post, I’m providing two options for holiday preparations. While some of us still like to do traditional gift giving, others prefer to move toward a more simple, less consumer driven holiday. Both require forethought, so I’m providing a prep list for both.

Traditional Gift Giving Holiday Preparation List

1. Take 15 – 30 minutes this weekend to make your list (you can check it twice if you’d like). Make a list of everyone you need to buy for and jot down gift ideas for them. Don’t forget to include any supplies that you will need for hosting parties or guests at your home as well (do you need a new set of sheets for grandma and grandpa?).

2. Figure out your budget now.

No budget? On your list of gifts/supplies, put a pricetag on each item and see what it all adds up to. If this is affordable, great! That’s your budget, just be sure to stick to it. If it’s not affordable, you need to reevaluate your list, figure out where to cut back so you won’t break the bank (or worse, borrowing to pay for things).

3. Start saving now for those gifts if you haven’t already. Put a little aside into a designated savings account each week or month and/or bank those cash back rewards on your credit cards.

4. Watch for sales and pick up gifts early. This is a win-win – you get it on sale and you don’t have to buy it in November or December.

Many of the back-to-school sales provide great deals on laptops, clothing, and art supplies.

Pick up freebies (coupons/giveaways) for smaller gifts or stocking stuffers.

5. Don’t forget to track your spending along the way to make sure you stay within budget.

6. If you will be traveling,now is the time to start shopping for airfare and/or lodging. Watch prices and try to be flexible with your dates to get lower fares. You still have time to do a little travel hacking, if that’s an option for you.

Simple, More Minimalist Holiday Preparation List

I have to be honest here, holiday shopping is not something I like to think about. I do not enjoy “shopping” in the least (thank goodness for Amazon!). While my family does exchange a few gifts, we’ve simplified the holidays more and more with each year, making it more relaxing, fun and affordable for everyone. Very few gifts are exchanged at our home, but we love having tasty food, a fire in the fireplace, games to play and family to spend time with.

1. If you are considering moving away from traditional gift giving, now is the time to start discussions (or negotiations) with your family and friends, explaining why you are simplifying and cutting back on gifts (Let them know you are focusing on time and experiences instead).

Another suggestion: Giving to those in need is a great way to give a gift to your community and remind us of how fortunate we are. My family collects donations for a shelter each year through my daughter’s school and delivers them either before or after the holiday season (we take at least a large truckload each year). This requires our time and some preparation, but no money (except what we choose to donate). It feels so good to give back to those in need and reminds us to be grateful for what we have.

How do you prepare for the holiday season? What tips would you give for saving money and time?

Reader Interactions

Comments

Ahh we’re already starting to plan for Christmas! Ok that’s not such a bad thing, I know. We definitely try to scale thing back in my family. With all my siblings and their spouses we draw names and cap the gift at $50. Keep costs and stress of buying at a minimum. Nowadays it’s more about the kids anywyas.

Oh my gosh, starting Christmas shopping in July?!?!? I have to admit though, it is not a bad idea. Planning ahead always saves money and stress too.

In our family, we haven’t gifted the adults in quite some time which is good. But now that the kids are getting to high-school / college age (nieces/nephews) it’s getting tougher to find gifts we think they will enjoy/appreciate.

We already told our one nephew that graduated from college last year, “Once your out of college, no more gifts!”

Planning almost always saves money! I know it’s hard to think about it right now though.

Agreed, the older kids are tough to buy for. We stopped buying for our nieces when they got to middle school (and my brother & sister-in-law stopped buying for our kids too). We give small gifts (typically framed pics of kids and homemade jam) to our parents and a couple of small items for our kids, but that’s it – we’ve really simplified over the past few years.

Christmas in July sounds so far out but my mom has actually done shopping during this time! It is a great way to get ahead of the crowd to get some great deals and get away from the Christmas shopping rush and stress. I have realized that most American’s don’t give as many gifts as we do back home so hoping this will be a money saver! Would love to see some DIY Christmas gifts 🙂

I will click over to read yours! I always think of “Christmas in July”, so I start to think and plan ahead, particularly saving and starting to think about gifts, homemade and purchased. Thanks, Jasmin!